You've spent decades building this. Now decide where it goes.
Retirement is when estate planning shifts from theoretical to practical. A few updates now can save your family confusion later.
Why estate planning matters as you approach retirement
The estate plan you created at 40 probably doesn't match your life at 65. Children are grown. Assets have changed. The people you named as trustees and agents may no longer be the right choice — or may no longer be available.
Retirement is also when healthcare planning stops being abstract. Powers of attorney, healthcare directives, and long-term care decisions matter more now than they did when you were healthy and working.
This is a good time to simplify, update, and confirm the people you're counting on actually know where to find your documents.
What you need to know
1
Beneficiary designations
Your retirement accounts pass by beneficiary, not by your trust. Review what's on file — designations you made 20 years ago may not reflect your current wishes or family structure.
2
Required minimum distributions
Once you hit the RMD age, you must start withdrawing from traditional retirement accounts. How you take distributions affects your taxes and how much you leave behind.
3
Healthcare directives
Document your wishes for medical care — resuscitation, life support, pain management. Name someone you trust to make decisions if you can't speak for yourself.
4
Powers of attorney
Healthcare and financial POAs need to name people who are available, capable, and willing. Update if your original choices no longer make sense.
5
Long-term care
Most people will need some form of long-term care. How you'll pay for it — insurance, savings, Medicaid planning — affects how you structure your assets now.
6
Simplify where you can
Multiple accounts, old business entities, property in different states — complexity creates problems for the people who have to sort it out later. Consolidate what you can.
Your retirement checklist
Review beneficiary designations on all retirement accounts
Confirm your trust reflects your current assets and wishes
Name (or update) your successor trustee
Create a Healthcare Power of Attorney and Financial Power of Attorney
Complete a healthcare directive with your medical wishes
Evaluate long-term care insurance or funding strategy
Consolidate old 401(k)s and scattered accounts where practical
If you own property in multiple states: confirm each is titled in your trust
Confirm your trustee and agents know where to find your documents
Tell your family the plan exists — they don't need details, just awareness
Frequently Asked Questions
If your documents are more than five years old, or if you've had major life changes — retirement, moving states, death of a spouse, change in family relationships — it's time to review. At minimum, confirm your named trustees, agents, and beneficiaries are still the right people and still available.
They pass directly to whoever you named as beneficiary — not through your trust or will. If you named your spouse, they can roll it into their own IRA. Non-spouse beneficiaries generally must empty inherited accounts within 10 years under current rules.
It depends on your goals and their situation. Lifetime gifts use your gift/estate tax exemption and don't get a stepped-up basis. Inherited assets do get the step-up, which can save your heirs capital gains taxes. If your children have creditor or divorce exposure, keeping assets in trust may offer more protection than an outright gift.
Medicaid has a five-year lookback on asset transfers, so last-minute moves don't work. Options include long-term care insurance, hybrid life/LTC policies, or strategic spend-down planning. If Medicaid eligibility matters to you, talk to an elder law attorney before you need care — not after.
They don't expire, but they can become stale. If you signed them 20 years ago, the people you named may have moved, aged, or died. Some institutions are also reluctant to accept very old documents. Resigning every five to ten years keeps them current and reduces friction when you actually need them.
Free tools to help
Documents and calculators to guide you through the process.
Are My Beneficiary Designations Protected?
See how your state handles beneficiary designations after divorce, inherited IRA creditor protection, and spousal consent requirements for retirement accounts.
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How Much Are Estate & Inheritance Taxes?
Calculate federal estate tax, state estate tax (12 states + DC), and inheritance tax (5 states) for an estate or trust.
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What Does Estate Planning Actually Cost?
See the true cost of estate planning. Compare SimplyTrust, Trust & Will, LegalZoom, and attorneys including life events like marriage, divorce, and having children.
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